Lucknow Launches Sell Fast: Eldeco's Latitude 27 Hits 80% Sold

Eldeco's Latitude 27 Reaches 80% Sold as Solano Gardens Villas and Plots Sell Out

Eldeco Housing and Industries used its Q2 FY27 earnings call on 10 November 2026 to report strong sales across its Lucknow pipeline. Latitude 27 on IIM Road is now about 80% sold, and the Hanging Gardens tower on Raebareli Road is at a similar level. The villa and plot component of Solano Gardens on New Jail Road has sold out completely. The call followed a board meeting on 5 November 2026 that approved the unaudited Q2 and H1 FY27 results.

The developer also gave a company-wide weighted average realisation of ₹7,840 per sq ft for Q2 FY27. That is ₹1,771 per sq ft above the ₹6,069 per sq ft recorded in Q2 FY26, and it is the most useful price signal management offered for its Lucknow book.

Impact on Homebuyers

For buyers in the city, the headline is that plots and villas are moving quickly while the group housing segment keeps selling, though more cautiously. Management said it is passing on part of its higher land and construction costs in apartments but is doing so in what it called a careful and calibrated way. Buyers should expect price revisions in towers to come in smaller steps than the ones seen in villa and plot pricing.

The price band management described is useful for anyone budgeting. Eldeco said its Lucknow demand sweet spot sits between ₹1 crore and ₹3 crore. It added that building homes below ₹1 crore is difficult, and that sales tend to slow once prices move past roughly ₹2.50 crore to ₹3 crore. A family looking at a 2 BHK in Latitude 27 is therefore buying into the segment where the developer sees the most depth.

Solano Gardens is the clearest illustration of how the market is behaving. The project sits on New Jail Road, close to the Raebareli Road junction, and it is a gated, RERA-registered township with Mediterranean-themed villas and plots. With its villa and plot component gone, buyers wanting that format now depend on resale or on the parcel that management is still deciding on, which is covered below.

For anyone thinking about waiting, the signals point in one direction. Management said it is not seeing a major slowdown in absorption and described Lucknow as an undersupplied residential market. Waiting for a fall in prices looks less likely than waiting for a stage-wise increase, so a buyer who has found the right layout and budget may do better to decide sooner rather than later.

Expert Analysis

The sales figures tell a story about pricing power more than about volume. Area booked in Q2 FY27 fell 16.6% to about 1.21 lakh sq ft, yet booking value rose 7.8% year on year to ₹94.9 crore, and the company recorded no new launches in that quarter. In other words, the developer sold fewer square feet at higher realisations. That is what a market looks like when buyers are willing to pay up for a specific product but resist large jumps across the board.

Management drew a line between horizontal and vertical products. It said plots and villas can carry higher land-cost pass-through, while group housing buyers push back once increases go beyond a certain point. That split matters for investors, because it suggests that the premium in Lucknow is strongest in landed, low-density formats rather than in apartments.

It is worth keeping the developer's own context in view. Eldeco reported FY26 consolidated total income of ₹175.7 crore, EBITDA of ₹41.5 crore and PAT of ₹24.3 crore. In H1 FY27, profit after tax reached ₹22.5 crore, up 290% year on year, and collections rose 51% to ₹256 crore. Its Lucknow focus has been running since 2006, and it has a long delivery record stretching back to its founding in 1985.

There are also cautions. The sales percentages come from management's own remarks on the call, so buyers and investors should read them as company statements rather than audited figures. The projects are at different stages of sales, which means the percentages cannot be compared neatly. Management also said that state elections could slow approvals for upcoming phases, and it has left the launch dates uncommitted.

What to Expect Next

Within the next two to three quarters, Eldeco expects to decide whether the next Solano Gardens parcel becomes a vertical housing project, is held back for a later phase, or is converted to horizontal product. Management said about half of the 2.88 lakh sq ft of remaining Solano Gardens inventory could move to formal allotment in the next quarter, though no firm date was given. For Latitude 27, revenue recognition could fall by March 2027 or slip into the following financial year, depending on the completion certificate timeline. Trinity is expected to sell out over the next two to three quarters, released in measured tranches rather than all at once.

Related Projects and Areas Affected

• Latitude 27, Eldeco City Township, IIM Road: 2, 3 and 4 BHK homes, carpet area 869 to 1,327 sq ft, about 80% sold and one of the key indicators of the Lucknow premium segment.
• Solano Gardens, New Jail Road: Gated, LDA-approved township on about 52 acres, with villa and plot sales now complete and the remaining land under review.
• Trinity, Gomti Nagar Extension: Close to half sold, with inventory being released gradually over the coming quarters.
• Hanging Gardens, Raebareli Road: A newer tower on the Raebareli Road corridor, selling at a pace similar to Latitude 27.
• New Jail Road and Raebareli Road corridor: Benefits from a 1.8 km, four-lane LDA road planned under the third phase of the Green Corridor project, which will improve links towards Sultanpur Road and Gomtinagar Extension.